Receipts are expected to rise 0.8 percent, marking the largest
increase in four months. The supportive outcome may be interpreted
to suggest Ben Bernanke and company are on track to deliver the
first cutback in stimulus at the September FOMC meeting (in line
with what is emerging as the consensus view). Such an outcome is
likely to weigh on gold and silver amid ebbing anti-fiat demand. It
may likewise sour risk appetite, sending cycle-sensitive
commodities including copper and crude oil downward. Needless to
say, a downside surprise can be expected to carry the inverse
implications.

Crude Oil Technical Analysis (WTI) - Prices put in a bearish
Dark Cloud Cover candlestick pattern, hinting a move lower is
ahead. Near-term support is at 103.93, the 23.6% Fibonacci
retracement, with a break beneath that targeting a rising trend
line at 102.18 and the 50% level at 100.05. Near-term resistance is
at 107.41, the July 11 high.

Gold Technical Analysis (Spot) - Prices put in a Hanging Man
candlestick below resistance at 1297.75, the 38.2% Fibonacci
retracement, signaling indecision and warning that a pullback may
be around the corner. Near-term support is at 1252.80, the 23.6%
level, with a break beneath that eyeing swing lows at 1208.10 and
1180.15. Alternatively, a push above resistance exposes the 50% Fib
at 1334.08.

Silver Technical Analysis (Spot) - Prices broke above resistance
at 19.76, the 23.6%
Fibonacci
retracement, after putting in a bullish Morning Star candlestick
pattern. The bulls now aim to challenge the 38.2% level 20.73. The
19.76 mark has been recast as near-term support, with a reversal
back beneath that eyeing the June 28 low at 18.19.

Copper Technical Analysis ( COMEX E-Mini) - Prices are pulling
back from resistance at the top of an emerging rising channel (now
at 3.210) to approach support at 3.112, the 38.2% Fibonacci
expansion. A break below that targets the channel bottom at 3.043
and the 50% level at 3.024. Resistance is reinforced by the 23.6%
Fib at 3.221, with a reversal above that eyeing a horizontal pivot
level at 3.270.

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